ITAT Mumbai

It is not at whim or fancy of a Tax authority to decide as to what constitutes beneficial ownership

Blackstone FP Capital Partners Mauritius V Ltd Vs DCIT (ITAT Mumbai)

It is not at the whim or fancy of a tax authority to decide as to what constitutes 'beneficial ownership'; it is absolutely fundamental that as what constitutes beneficial ownership must also be examined and categorical findings are given as to how these requirements of beneficial ownership are satisfied in the present case....

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Offshore distribution commission income is business income

DCIT Vs Credit Suisse (Singapore) Ltd. (ITAT Mumbai)

DCIT Vs Credit Suisse (Singapore) Ltd. (ITAT Mumbai) The assessee conducts portfolio investments in Indian securities in its capacity as SEBI registered FII/FPI, conclusion of the learned CIT(A) that the offshore distribution commission income is in th nature of ‘business income’ of the assessee does not require any interference. Fact...

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Addition u/s 68 sustained for LTCG exemption from bogus co. share

Zeeshan Azizmohmed Shaikh Vs ITO (ITAT Mumbai)

Zeeshan Azizmohmed Shaikh Vs ITO (ITAT Mumbai) Both SEBI and BSE corroborated the fact that Kailash Auto Finance Ltd was not a genuine company – LTCG exemption u/s 10(38) denied – addition u/s 68 sustained Facts- The assessee is an individual and is engaged in the business of trading in paper. The assessee filed its […]...

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Trust being revocable trust, income to be taxed in beneficiaries

Arcil CPS 002 XIII Trust Vs ITO (ITAT Mumbai)

Arcil CPS 002 XIII Trust Vs ITO (ITAT Mumbai) Assessee trust is a Revocable Trust and contribution by beneficiaries is a revocable transfer. Hence, the income shall be taxed in the hands of the beneficiaries. Facts- The assessee is an AOP in the nature of trust in the business of securitization of debts and processing […]...

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No suit can be continued against corporate debtor till conclusion of IBC 2016 proceedings

Shrenuj & Co Limited Vs ACIT (ITAT Mumbai)

Shrenuj & Co Limited Vs ACIT (ITAT Mumbai)  We found as per the provisions of Sec. 14 of IBC-2016 till the conclusion of proceedings under IBC-2016 no suit or proceedings can be continued against the corporate debtor. Considering the facts and circumstances, we are of the opinion that there is no point in proceeding with […]...

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One-time compensation treated as advance salary, relief u/s 89 available

Suryaji Shriram Patekar Vs ACIT (ITAT Mumbai)

Held that employee is eligible for relief u/s 89 on one-time lumpsum ex-gratia amounts payable by the employer as such compensation received is treated as salary received in advance....

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Revision u/s 263 can be invoked when there was lack of enquiry by AO

Radiant Life Care Mumbai Pvt. Ltd Vs PCIT (ITAT Mumbai)

Since AO had merely asked the assessee for filing information in respect of the grounds on which the case was selected and no meaningful enquiry had been carried out by the AO on the information filed by the assessee, therefore, revision under  section 263 by CIT was justified....

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Appeal not maintainable against a Company after Liquidation

DCIT Vs Kingfisher Capital CLO. Ltd. (ITAT Mumbai)

DCIT Vs Kingfisher Capital CLO. Ltd. (ITAT Mumbai) At the very outset, it is brought to the notice of the Bench that respondent-assessee company has since been liquidated by the National Company Law Appellate Tribunal (NCALT) vide order dated 07.11.2019 and as such no longer in existence. In view of the matter, we are of […]...

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Initiation of reassessment, based on wrong assumption of facts, is bad in law

Joint Lessees of Industrial Estate Vs ITO (ITAT Mumbai)

Reopening is on the wrong assumption of facts and the information received from another assessing officer would not by itself be the basis to have a belief that the income has escaped assessment. Accordingly, we find the reassessment is bad in law and quash the assessment order passed u/s 143(3) r.w.s 147 of the Act....

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AO’s order imposing penalty is appealable before CIT(A) and not to ITAT

Desmond Savio Theodore Fernandes Vs ITO (ITAT Mumbai)

Desmond Savio Theodore Fernandes Vs ITO (ITAT Mumbai) Section 246A(1)(q) specifically includes, in orders appealable before the learned Commissioner (Appeals), ‘an order imposing a penalty under chapter XXI’, and chapter XXI of the Income Tax Act, 1961 covers Sections 270 to 275- Section 270A, dealing with underreporting and m...

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